All Forum Posts by: Marv Nettles

Hi, I have BRRR'd into a house I really like and don't want to rent/move out. I will rent a room, but ultimately I love my house and space. However there is a house within this neighborhood I want to BRRR but I don't want to move in first to buy as a primary home to live in. How can I achieve the lowest money down to buy that house? I want to spend the least amount possible. I welcome all ideas. Thanks!

@Chris Mason ok awesome! Thanks 

@Chris Mason the 60k is for the duplex and the single family house together. I will sit down and hash this out before I proceed. My question for you is: how would you approach it? 

Sorry @Michael Henry I meant 4-plex...I blame the phone. @Chris Masonhow would the 5% leave me no equity for both properties? If I'm doing 60k but they're both worth more. I have the comps for the duplex which is why I had confidence it would appraise high enough for me to pay her off and possibly have more money to spend somewhere else. The single family she has is newly renovated with a tin roof, washer and dryer, hard wood floors, and central AC and heat. 

@Michael Henry  I will definitely let you know. I just bought a four-pled from her and I told her I would get something f together soon. I went through the banks for the 4-pled but I don't think I will pay the banks again for anything else in her area. 

What does FHA have to do with the refinance?

@Michael Henry This is great information! The duplex she currently has rented at $350 a month per unit but usually at $410 per unit; and the house rents for $525 a month. I like your numbers a lot and I think it's more than generous for her. I did speak to a bank and was told that I could do the refinance with them, however I'm curious to know what reasons would they have NOT to do the refinance on a owner-finance deal?

Hey Jonathan, ok she's fine with owner financing, she just wants to get rid of them. Please explain the balloon payment and amortization? 

Thanks for replying 

Hey BP, I am trying to write-up and complete my first owner-financing deal. The owner is in possession of several properties and she would love for me to help her get rid of them. She is basically wanting to liquidate her assets. She's had them on the market for awhile and I was considering trying my first owner-financing deal with a duplex and a single family home that she has. She owns them out-right. I have several questions but first, here's my proposed deal: 

Quick Deed option 

2. When do I take over the insurance in my name? 

Hey BP, I just recently completed my second investment deal with a multi-unit in Alabama. I also have a LLC. How do I go about placing those properties in the LLC? I obviously want everything in the business name so that the house I live-in is protected.

Hey Skylar welcome! I'm from Birmingham, but I live in DC. I'm sorta new to the investment aspect. I've done 2 deals in that area: 1 single family and 1 multiunit. I can't do any of the meetups but hopefully we can connect some time in the future! Happy Holidays!